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RESOLVED
 
KEY DECISION
 
That the Executive:
 

a.   
Approved North Northamptonshire Council’s
proportion of the former County Council’s balance
sheet
 

b.   
Delegated responsibility to the S.151 Officer in
consultation with the Executive Member for Finance and
Transformation to finalise and complete a binding disaggregation
agreement of Northamptonshire County Councils balance sheet between
the councils to reflect the agreed position. Including the ability
to make reasonable adjustments to the disaggregated balances, in
agreement with  West Northamptonshire
Council, where errors or omissions come to light that may need
correcting.
 
 
Reasons for Recommendations: Following reorganisation, and
pursuant to the regulations underpinning the distribution of
financial reserves, the financial reserves of Northamptonshire
County Council were vested in the successor council nominated by
the Secretary of State, West Northamptonshire Council. West
Northamptonshire Council holds these funds on trust for itself and
North Northamptonshire Council.
 
The
regulations prescribe that the nominated council shall divide the
financial reserves between itself and North Northamptonshire
Council in proportions. This report confirms the proportions
proposed in accordance with the regulations.
 
Alternative Options Considered: The regulations prescribe that
the councils shall divide the financial reserves between themselves
in such proportion as may be agreed by all the successor councils
concerned or, failing such agreement, as is determined by such
person as the Secretary of State shall appoint. It is therefore
necessary to agree apportionment as set out in this report. The
councils must therefore divide the financial reserves.
 
Whilst a number of options to apportion were
considered  by the councils in splitting
the remaining technical balances, the proposals presented in this
report present the most satisfactory financial position for both
councils. These are not therefore presented in this report. as
alternative options.